Selection Of Financing Cooperation Mode Under Asymmetric Information Supply Chain LED By Retailers

With the rise of Internet +,large e-commerce platforms,such as JD and Amazon,have developed rapidly and have a strong voice in the supply chain.In the process of selling goods,the online shopping mall of the e-commerce platform usually receives the payment after the order is delivered to the user.Under this model,retailers(large ecommerce enterprises)will require suppliers on the platform to cooperate with them in the form of deferred payment.However,the deferred payment mode brings a great impact on the production and operation of suppliers,and many small and medium-sized suppliers have financial constraints and try to seek financing.From the perspective of transaction,for the supply of similar products,suppliers in the platform have the distinction of reputation and production capacity,but this information is confidential to other members of the supply chain,which forms a supply chain cooperation relationship under asymmetric information.First,this paper builds a supply chain under asymmetric information.The supplier's qualifications(high and low)private information.The supply chain includes capital-constrained suppliers(follower),reputable retailers(leader)and third-party financial institutions.Secondly,this paper constructs three different models,namely,direct financing of suppliers,retailer-guaranteed financing,retailer-led factoring financing model,solving supply chain equilibrium under three modes and verifying the impact of financing coefficient on supply chain decision-making.Finally,this paper compares three models under theoretical derivation.In terms of improving supply chain efficiency and reducing agency costs,retailers participate in financing models that are superior to supplier direct financing.At the same time,we did an exploratory verification of the external loss rate and supplier-owned funds on supply chain decisionmaking.The conclusions show that when suppliers have low external loss rate and high self-owned funds,retailers will provide guarantee financing,and vice versa choose retailer-led factoring financing.